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I am a member of a co-op board and a tax question was raised…

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Thank you. I...

Thank you. I am a member of a co-op board and a tax question was raised regarding the free apartment provided to our super. The super belongs to a union and the union contract indicates that we are to provide the super with an apartment. We live in a tony neighborhood and recently renovated the super's apartment which cost the co-op over $100,000.00. Along with the free apartment we pay for the super's gas, electric, telephones: land line & mobile, cable and a free monthly laundry card. In addition we pay the super an annual salary of $50,000.00 plus all of his union healthcare & pension benefits. The question is should we be issuing the super a 1099 or include in his W-2 the market value of his apartment as part of his earned income?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

The accountant asked the board if we liked the super which indicated to all of us that if we liked him we didn't necessarily need to report the apartment. We want to do what is required by law without respect to our personal feelings.

Submitted: 7 months ago.Category: Tax
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12/1/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 7 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 7 months ago

The value of his apartment can be excluded from income. Below is the relevant information from the IRS Code Section.

Lodging on Your Business Premises
You can exclude the value of lodging you furnish to an employee from the employee's wages if it meets the following tests.

It is furnished on your business premises.

It is furnished for your convenience.

The employee must accept it as a condition of employment.

Different tests may apply to lodging furnished by educational institutions. See section 119(d) of the Internal Revenue Code for details

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 7 months ago

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